E.W. BEARD LIMITED
Company number: 01126135
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
31 January 2019
Approved by:
Mark Beard
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 35%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 56%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
63 days
Standard payment terms
Subcontract Ledger: Standard payment terms are set with the subcontractor during contract negotiations and written into the contract. Terms can range between 14-60 days. The time taken for the BACS payment to be received by the subcontractor is factored into the payment due date. Purchase Ledger: Standard payment terms are payment to the supplier by the end of month following the month of invoice, which can result in a payment period of between 28-63 days. Payment is sent by BACS along with the supplier remittance, however due to the BACS processing period, payment is received by the supplier 1-2 working days following month end for payments in the month end payment run. In the majority of cases, remittances are issued by the due date of the invoice. The company recognises that this doesn’t constitute payment on time due to the BACS processing period and is therefore taking steps to amend the payment timetable for funds to arrive in the supplier’s account by the end of the month
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
61 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Subcontract Ledger: Disputes relating to subcontractors are referred to the Quantity Surveyor or Project Manager on the project, who will resolve the dispute as soon as possible. Should the subcontractor wish to escalate the concern, they can contact the Finance Manager to discuss further. Notes can be recorded in the finance system for dispute tracking and audit trail. Once resolved, the payment will be included in the next payment run available or sooner if required. Purchase Ledger: Invoices are lodged in the finance system and are visible for the approver as outstanding. Notes can be added to the invoice within the finance system to aid resolution. The Purchase Ledger Supervisor monitors outstanding unapproved invoices and reports on outstanding items. Once resolved, the payment will be included in the next payment run available or sooner if required.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No